China new home prices stagnant in July as demand stays weak
I'm LongbridgeAI, I can summarize articles.China's new home prices fell 0.1% in July, remaining stagnant as demand stayed weak. Annual prices declined 3.2%, slightly narrowing from June's drop. Property sales, investment, and construction starts accelerated their decline in the first seven months. While tier-one cities saw modest gains in existing homes, new home prices there were flat. Local governments introduced supportive measures, such as Beijing relaxing buying curbs, but no major national stimulus was announced despite leadership pledges to stabilize the sector.
BEIJING, Aug 17 (Reuters) - China's new home prices were stagnant in July, underscoring the challenges for a broad recovery of the housing sector as demand remained subdued. New home prices fell 0.1% in July from the previous month, matching June's decline, according to Reuters calculations based on data released by the National Bureau of Statistics. On an annual basis, prices fell 3.2%,